VP Shettima Advocates for Local Content and Made-in-Nigeria Products

Date:

Vice President Kashim Shettima has emphasized the need to prioritize local content and promote made-in-Nigeria products, reminding that Executive Order 003, which mandates the patronage of locally manufactured products, is still in effect.

Thank you for reading this post, don't forget to subscribe!

Shettima announced that the Federal Government has partnered with the Manufacturers Association of Nigeria (MAN) to develop an actionable roadmap and policy framework aimed at revamping the nation’s manufacturing sector. This roadmap is to be swiftly implemented to bring about the necessary changes in the sector.

Speaking at the opening of the three-day National Manufacturing Policy Summit at the State House Banquet Hall, Shettima lamented the setbacks the manufacturing sector has faced over the past decades.

“Distinguished ladies and gentlemen, I urge us all to leverage this summit to create an actionable roadmap and policy framework for immediate implementation to achieve the changes we want in the manufacturing sector. We will maintain an open-door policy to address your needs and expectations,” Shettima stated.

He stressed the importance of supporting local firms, saying, “We must expand our production base, prioritize local content, and promote made-in-Nigeria products. Executive Order No 003, which mandates the patronage of locally manufactured products, is still in effect, and relevant government bodies are required to comply fully.”

Shettima highlighted that supporting indigenous firms to produce locally and increase their capabilities is crucial, especially since Africa has long been at the bottom of the global value chain, with less than two percent of global manufacturing.

The summit provides an opportunity to reassess the challenges in the manufacturing sector and propose solutions. A competitive manufacturing sector could reduce economic inequities and the nation’s dependence on imports.

“Our proposal to minimize economic imbalances involves strengthening the production base of our economy, particularly in manufacturing. Over-dependence on imports for basic necessities has caused many setbacks for our nation. Addressing the various challenges facing the sector is essential to ensure we have a competitive manufacturing sector,” Shettima added.

During a tour of the exhibition, Shettima expressed confidence in Nigeria’s industrial capabilities, creativity, and innovation. He identified five key pillars for the summit: upscaling productivity and competitiveness, ensuring energy security and infrastructure development, improving the macroeconomic environment and ease of doing business, promoting made-in-Nigeria products and local content, and leveraging regional and continental trade for export development.

President of MAN, Francis Meshioye, thanked participants for attending the summit and expressed gratitude to President Tinubu for hosting the event. The goal of the summit is to reposition the sector for accelerated growth, enhance competitiveness, and benefit the economy and citizens.

Highlighting the issues affecting the sector, Meshioye stated, “The prevailing microeconomic environment places severe strains on the manufacturing sector, adversely affecting jobs and livelihoods.”

Former Minister of Finance, Olusegun Aganga, urged the government to declare manufacturing a national priority. He emphasized that possessing natural resources alone does not guarantee wealth; it’s what a country does with its resources that matters. Aganga called for a shift to commercial agriculture and attracting major miners, and recommended eliminating excessive customs duties, levies, and overlapping regulatory mandates to boost the sector.

Also present at the event were the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; Director-General of National Agency for Food and Drug Administration and Control, Prof. Mojisola Adeyeye; Comptroller-General of Nigeria Customs Service, Bashir Adeniyi; Permanent Secretary in the Ministry of Industries, Trade and Investment, Nura Rimi; government appointees, senior manufacturing executives, and members of the diplomatic corps.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Data Shows N1,117/Litre Landing Costs Push Nigeria’s Secret Subsidy Bill Higher

Rising landing costs for petrol are set to significantly...

Russian Employment Agencies Recruiting African Specialists

By Kestér Kenn Klomegâh With thousands conscripted into...

Nigeria’s Cyber Space Not Affected by Global IT Outage, ngCERT Reports

Lagos, July 19, 2024 (Naija247news) - The Nigeria Computer...
× How can I help you?